Running a small business is challenging. You have limited resources and employees for conducting business operations, handling customer services, growing your company, and keeping up with the industry. This is why investing in software, such as purchase order automation and payment processing, can make workflows more efficient.
Payment processing software provides your customers with flexible payment options, such as debit and credit cards, direct bank transfers, and digital wallet payments. If you accept various modes of payment, you can increase your sales. The software also integrates sales data with other business operations such as accounting, billing, and customer relationship management, making recording and management seamless. You can unlock these benefits by using the payment processing companies listed here:
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Square is an ideal payment solution for small businesses because of its quick set-up and predictable fee rates. It has a flat-rate pricing structure instead of monthly subscription charges: for every online transfer, it charges 2.9% plus a $0.30 fee, and for in-person transactions, the fee is 2.6% plus $0.10. The software providers also give you a free mobile credit card reader that you can plug into any smartphone or tablet.
Square also provides businesses with the transferred funds within two business days, but you can access them instantly if you pay a fee of 1.5% of the transaction rate. And with Square’s upgraded plan, you can access advanced inventory plans and 24/7 customer service, and lower transaction rates. In comparison, the free plan provides you with customer service from Monday to Friday between 6 a.m. and 6 p.m., plus easy-to-understand video tutorials.
Paypal offers the most flexibility in payment options, allowing customers to pay with their PayPal account, Venmo, QR codes, and cryptocurrency. The Paypal account can be set up very easily so that you can make payments quickly. Its basic account option is most suitable for small businesses as it has no monthly subscription and operates on flat-rate pricing.
There is a 3.49% plus $0.49 fee for every online transaction. In contrast, in-person transactions are 2.29% plus $0.09. Venmo payments are 3.49 % plus $0.49, and QR code transactions start from 1.9% plus $0.10. You can lower these flat rates by paying for a monthly subscription. They go from $5 to $30, and pricier subscriptions have lower flat rates. PayPal is best for businesses whose customers require multiple payment methods and also caters to businesses that make B2B transactions.
3. Payment Depot
Unlike most other payment processing companies, Payment Depot uses a subscription fee rather than percentage rates for each transaction, charging a flat fee of $0.07 to $0.15 per transaction and an interchangeable rate. Depending on the total transaction volume, payment Depot’s plans cost between $59 to $99. It provides businesses with funds between 24 to 48 hours and also has 24/7 customer service.
Payment Depot is ideal for high-volume businesses, such as restaurants, as it allows you to save money by not charging much per transaction.
4. Shopify Pay
Shopify Pay is provided by Shopify to assist its users. Shopify pay provides its businesses with customer service and helps in processing credit card chargebacks. It works on a monthly subscription basis, starting at $14.44. And each transaction’s processing fee depends on the subscription you hold. The fees can range from 2.4% to 2.9% with a flat $0.30 charge.
Shopify Pay is ideal for sellers only using Shopify to sell their products as it eliminates the need to find a third-party payment processor.
Clover offers its users both a flat-rate pricing structure and a subscription plan. Credit card-swiped transactions charge a 2.3 % and $0.10 fee, but for keyed-in transactions, the fee is 3.5% plus $0.10. It also offers 6 business-specific subscription plans ranging from $14.95 to $290.
An easy-to-navigate software allows employees to ring up customers quickly, helping avoid long lines at the cash register and keeping customers satisfied. In this regard, Clover provides its users with custom-tailored and easy-to-use POS (point of sale) software and hardware. If you purchase Clover’s POS hardware upfront, you can receive a discount on your monthly subscription.
The payment processing company also provides 24/7 customer support and provides access to funds within 1 to 3 business days. These features make clover ideal for small businesses looking for a payment processing company and POS system.
Stripe runs on a flat-rate pricing structure. For in-person transactions and online payments, it charges 2.9% plus a $0.30 fee. And keyed-in payments cost 3.4% plus $0.30 per transaction. Unlike other payment processing companies, stripe processes transactions through mobile wallets, such as Google pay and Apple pay. It also accepts international wallets like WeChat pay and Alipay. The transaction rate for both mobile and international wallet payments is 0.8%.
Stripe also provides businesses with credit card readers they can integrate with their e-commerce and accounting software. Its payouts are available in 2 working days, but businesses can get an instant payout for an additional 1% charge. The company offers 24/7 phone, email, and chat support to facilitate its users further.
Helcim works on a flat-rate pricing structure for credit cards, but this rate differs based on the monthly amount a business processes in credit card payments. So a business with greater credit inflow pays lower transaction rates: Following is Helcims pricing structure:
- For a total of $0 to $25,000 per month, the in-person transactions are 0.3% plus $0.08. And keyed-in and online payments are 0.5% plus $0.25 per transaction.
- For a total of $25,001 to $50,000 per month, the in-person transactions are 0.25% plus $0.07, and keyed-in and online payments are 0.45% plus $0.20 per transaction.
- For a total of $50,001 to $100,000 per month, the in-person transactions are 0.2% plus $0.07, and keyed-in and online payments are 0.40% plus $0.20 per transaction.
- For a total of $100,001 to $250,000 per month, the in-person transactions are 0.18% plus $0.06, and keyed-in and online payments are 0.35% plus $0.15 per transaction.
- For a total of $250,001 to $1,000,000 per month, the in-person transactions are 0.15% plus $0.06, and keyed-in and online payments are 0.30% plus $0.15 per transaction.
- For a total of $1,000,001 to $5,000,000 per month, the in-person transactions are 0.12% plus $0.05, and keyed-in and online payments are 0.25% plus $0.10 per transaction.
- For a total of $5,000,000 or more inflow, the in-person transactions are 0.12% plus $0.05, and keyed-in and online payments are 0.25% plus $0.10 per transaction.
Helcim also offers businesses in-built tools such as a POS system, CRM (customer relationship manager), and inventory management software. Businesses can also integrate Helcim with accounting software and billing systems. It also sells credit card readers that can be set up with almost any device.
Stax operates on a subscription basis with low transaction fees. The monthly subscription starts at $99, and the transaction fees range from $0.03 to $0.10. Stax also provides users with software packages, which include dashboards, reporting, ACH processing, invoicing, and Text2pay services. Businesses can further put add-ons to the software, such as QuickBooks and shopping carts. This software ranges from $49 to $129.
Stax also sells countertop terminals to use the software, although businesses can also integrate the software with third-party countertop terminals and POS systems. It also gives businesses access to the data it collects through the software, such as logging sold items to manage inventory. To help manage the software, Stax offers 24/7 support, and its higher subscription packages provide a concierge service.
9. National Processing
National Processing has a subscription fee of $9.95 and a flat-pricing structure that varies for businesses:
- The transaction rate for restaurants is 0.14% and $0.07
- The transaction rate for retail shops is 0.18% and $0.10
- The transaction rate for e-commerce businesses is 0.29% and $0.15
National Processing payment software integrates with other software such as Quickbooks and Shopify. The company provides a free mobile credit card reader too. Note that the company charges a termination fee for unsubscribing, except if your business gets sold or closed.
10. Merchant One
Merchant One has a monthly subscription payment of $6.95 and a tiered fee structure. Credit card-swiped transactions cost 0.29% to 1.55%. and keyed-in transactions cost 0.29% to 1.99%. Merchant One works with third-party terminal brands such as Clover, and it also offers hardware like mobile card readers, terminals, and POS systems.
11. QuickBooks Payment
The popular accounting software QuickBooks provides users with its own payment-processing service known as Quickbooks Payment. It has no subscription fee, but you must already have a QuickBooks account to use this payment processing service.
QuickBooks Payment works on a flat-pricing structure. In-person payments are 2.4% and $0.25, keyed-in payments are 3.4% plus $0.25, and invoiced payments are 2.9% and $0.25 per transaction. QuickBooks Payment provides businesses with a mobile payment app and integrates with Quickbooks accounting software. It also provides them with payouts within one working day.
Nowadays, people prefer to carry less cash and use e-commerce modes, so a payment processing system is vital for every small business. Not providing sufficient payment options to customers can result in lost sales. You can use multiple payment companies like the ones mentioned above to make transactions and records hassle-free while facilitating your customers.